Bequest

A gift designated in an individual’s will which Telfair Museums receives from their estate.

Example 1: Mrs. Smith meets with her attorney to update her will, and includes language for a gift of 25% of her estate to Telfair Museums, which will be transferred to the museum upon her death and execution and settlement of her will. Mrs. Smith may elect to designate the gift to a specific initiative during her lifetime or leave that to the museum’s discretion.

Example 2: Jane and Jim Jones meet with their attorney to update their will and include language leaving Telfair Museums a residual bequest of $50,000, to be delivered to the museum upon settlement of their will.

Sample Language: I/We bequeath $_______ /______% of my/our estate to Telfair Museums, 121 Barnard Street, Savannah, GA 31401.

Retirement Accounts & Life Insurance

Gifts made by designating Telfair Museums as the beneficiary of financial assets, such as retirement or banking accounts or life insurance policies.

Example: Joseph Johnson is interested in supporting the museum’s mission beyond his lifetime, and designates Telfair Museums as the beneficiary of his $250,000 life insurance policy. His heirs may be subject to estate and income taxes on the gift, while Telfair Museums will receive this gift in-full as a 501(c)(3) tax-exempt organization.

Charitable Annuities & Trusts

Gifts that allow donors to draw income from a trust or annuity during their lifetime, with the trustee (in this case the museum) receiving the principal of the trust or annuity upon their passing.

Example: Juan and Isabel Cruz meet with their financial planner to establish a charitable annuity trust for $500,000, establishing Telfair Museums as the trustee. They elect to receive 5% annually from the trust as income, or $25,000 per year. When both Juan and Isabel pass away, the museum receives the remaining principal. Juan and Isabel enjoy the income from the annuity, a tax deduction for their generosity, and the knowledge that their gift will benefit the museum for generations to come.

Artwork or Other Real Property

Gifts of artwork, real estate, and other property are accepted by the museum on a case-by-case basis, with approval by the Curatorial staff, Collections Committee and Board of Trustees. Bequests of art are submitted for review by the Collections Committee before acceptance into Telfair Museums' collection.

Example 1: Kayla Jackson’s grandparents purchased a work of art by a significant American artist which is now in her possession.  She would like the work, now considered rare and of high value, to be in a museum collection after her death.  She submits the work to Telfair Museums' curatorial team for review which confirms its interest. Jane meets with her attorney and amends her will designating the artwork be given to Telfair Museums upon her passing.

Example 2: Anthony Anderson owns 100 acres of undeveloped property in Northwest Georgia and would like to pass a portion of this asset to Telfair Museums for its financial benefit. He contacts the museum’s Development department, which accepts the bequest. Anthony meets with his attorney to formalize the gift as a bequest in his will. Upon his passing, Telfair Museums may liquidate the property and use the income from the sale to support a mission-related program.

• I’M READY TO GIVE
• I'M READY TO GIVE ARTWORK
• I HAVE SOME ADDITIONAL QUESTIONS
• I’VE ALREADY MADE PLANS TO GIVE TO TELFAIR MUSEUMS

*These examples are provided as non-exhaustive, hypothetical illustrations and are not based on actual cases at Telfair Museums. You should consult with your legal, financial, and/or tax advisors as you consider making a planned gift to the museum. Telfair Museums' Tax Identification Number is 58-0610074.